MT4 Advanced Guide

The “automated trading” or “system trading” is usually supported by the MT4 platform. Automated trading comprises of setting objective rules for trade entries and exits, as well as fixed rules of the proprietary language of the platform (MQL4 in this situation) in order to control all the analytical and trading processes involved.

The greatest benefit of automated trading is that it reduces the emotion from trading.

As these systems are able to trade completely mechanically based on the trading plan’s predetermined rules, a trade entry that is executed as loss or second-guessing would not affect the system performance.

Trades are automatically executed quickly and is also considered as one of the advantages of trading automation.

An automated trading system identifies buy, sell, stop-loss and profit-target rules. Basically, the system must identify the conditions in which the trade will be executed either long or short trade. It also considered when the trade should be closed at a loss, as well as at a profit.

Tons of automated trading’s major features and characteristics are very useful for traders. However, some aspects of which can possibly fail. For instance, If either one’s internet connection or data server is lost, the error must be recognized by the trader and have it fixed manually. If left unnoticed, a position could accidentally be left exposed in the market without orders of either stop-loss or take profit.

MetaEditor

MetaEditor is the interface of MT4 used to create, edit, and compile the program source codes posted in MQL4—MT4s proprietary programming language. An example of the MetaEditor built-in feature is the Expert Advisors Wizard that supports the latest programs of MQL4. A program written is automatically compiled in the MetaEditor. After compiling successfully, the executable program code can be either be launched or tested in the MT4 Terminal. Several distinct programs used by traders can be created by the MetaEditor tool:

Expert Advisors – terminal programs developed in MQL4 and is utilized along with the automation of analytical and trading processes. Certain platforms rely on these techniques.

Custom Indicators – MQL4 programs developed by the user to work as a technical indicator. Custom indicators are made to analyze price activity, but not for trading itself.

Scripts – MQL4 written programs are created to work as a single execution of certain actions. It can both fulfill either analytical or trading functions. A function completed automatically stops.

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